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Nigeria, Germany to Improve Trade Ties

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Dr. Okechukwu Enelamah
  • Nigeria, Germany to Improve Trade Ties

Nigeria together with some African countries would seek to improve trade and investment ties with German at Germany-Africa Business Forum slated to hold at Frankfurt on March 23.

This is contained in a statement posted on the Germany-Africa Business Forum website and accessed by the News Agency of Nigeria (NAN) in Abuja on Thursday.

The statement said that the Nigeria’s Minister of Industry, Trade and Investment, Mr Okechuckwu Enelamah, would be attending the forum.

“There is already a strong foundation of trade relations between Nigeria and Germany and an even stronger rationale to expand upon them.

“Nigeria is Africa’s largest economy, one of its most stable democracies and boast of a business-friendly climate.

“It is whether in construction, manufacturing or technology, German companies carry a legacy of innovation and know-how that can deliver tremendous value for both sides,” the statement quoted Enelamah, as saying.

According to the statement, Africa is a priority for the German Government in 2017 as it holds G-20 presidency.

“There is much consensus for building trade relations; Africa is world’s fastest growing region and German companies need to find new markets.

“This year, Germany will host the first ever privately held event exclusively dedicated to strengthening trade and investment ties between Germany and the African continent.

“It will capitalise on a wave of interest taken by the German government and companies to increase their engagement with African countries.’’

Last October, the statement stated that German Chancellor made a three-day visit to Mali, Niger and Ethiopia, vowing that Africa would be a major focal point of its G-20 presidency, which began in December, 2016.

It stated that even with annual trade with Africa of 60 billion dollars, Germany had lagged behind other countries that had done more to seize trade opportunities.

“The Germany-Africa Business Forum will seek to familiarise German companies with the continent and diversify their investment base.

“Out of more than 10 billion dollars in German investments on the continent each year, 90 per cent is with just three countries – South Africa, Nigeria and Algeria.’’

According to the statement, there is a consensus that Africa remains ripe for German investment, from small-startups to industrial giants spanning the economic spectrum.

“German Mittelstand companies are already showing an interest in places where their skills and technology can bring value.

“Germany shows a strong need to expand to new markets, with companies doing just two per cent of their business in Africa.’’

In addition, the statement said that the time to strengthen German-African trade and investment connections had never been greater.

It stated that six of the world’s 10 fastest growing economies are in Africa and the continent is projected to be the world’s fastest growing region until 2040.

NAN reports that the Germany-Africa Business Forum (GABF) seeks to “bridge the gap” by facilitating dialogue, business dealings and dynamic commercial and political interchange.

The GABF brings together Africa’s foremost executives with German companies, policymakers and innovations with the aim of driving change.

It draws together African Business, political and society leaders with Germany’s pre-eminent companies and dynamic commercial and political interchange.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Company News

Farmforte, Others Signs MoU To Strengthen and Sustain Growth in Agricultural Sector

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Farmforte - Investors King

Farmforte Limited has signed a strategic Memorandum of Understanding with the Agricultural Fresh Produce Growers and Exporters Association of Nigeria; HYBR, a pan-African innovation firm; and ALTS, a consulting and strategy development firm.

The firm said in a statement on Sunday that the partnership would strengthen common interest cooperation and stimulate inclusive and sustainable growth within the agricultural sector, by capitalising on the synergy and comparative advantage offered by each organisation.

Speaking during the signing ceremony, Farmforte Co-Chief Executive Officer, Osazuwa Osayi, said, “Our mid to long-term strategic goals are further reaffirmed, as this partnership will facilitate the sharing of knowledge, ideas, and expertise across the agricultural sector.

“We will collectively address initiatives and approaches concerning agricultural investments, food security, and the overall robustness of the value chain.”

He said the collaboration would also unlock the full potential of the sector and place it on a renewed path for success, especially within a post-pandemic economy.

The President of AFGEAN, Tajuddeen Dantata, said, “By creating dialogue and fostering investment in the horticulture sector, this partnership will endeavor to support Farmforte in its exporting efforts by improving operational efficacy and cost-savings, while ultimately driving socio-economic growth in the country.”

The Chief Executive Officer, HYBR, Charles Ojei, said to drive inclusion, sustainability, job creation, and Nigeria’s overall economic growth, the optimisation of the agriculture value chain was critical.

“This collaboration is a fusion of the complementary capabilities of all partners to move a bigger agenda forward.”

The Managing Partner, ALTS, Akintunde Sawyerr, said, “The goal of this partnership is to support Farmforte’s vision of becoming the largest agribusiness by 2035 via scalable and world-class innovation across its enterprise.”

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Company News

OctaFX Launches Dual Life Campaign

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OctaFX- Investors King

International Forex broker, OctaFX has launched a socially conscious marketing campaign called Dual Life aimed at simplifying forex trading and helping Nigerians create wealth.

A statement by the organisation on Monday said that the marketing campaign would celebrate the superpowers of Nigerians who committed their time and efforts to two or more jobs and were successful at each one of them.

It stated that the #DualLifewithOctaFX campaign had influencers in the Nigerian lifestyle and entertainment space such as Toke Makinwa, Bovi, Denola Grey, Timini Egbuson, and others at the core of the engagements, establishing the other sides of the celebrities and influencers as entrepreneurs.

While speaking about the campaign, the Marketing Manager, EMEA, OctaFX, Ali Nwadike said, “We wanted to position forex trading as that activity young Nigerians and everyone else, can engage in, even while focusing on their careers.

“From findings, most young Nigerians today work two or more jobs to pay the bills and attain financial freedom. But, we don’t get to talk about this often or appreciate the efforts, hence the #DualLifewithOctaFX campaign.

“While some see their jobs as a burden, we want people to see it as an achievement; and promote the school of thought that says one, two, many jobs is not bad especially when you are trying to create wealth.”

Nwadike added that more Nigerians would be exposed to the beauty of keeping their regular jobs and careers while making more money from forex trading with the OctaFX Trading App.

The statement also affirmed that OctaFX had made necessary arrangements from assembling forex experts and compiling training guides in the simplest and relatable form.

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Appointments

AfDB Appoints Dr. Beth Dunford as Vice President

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African Development Bank - Investors King

The African Development Bank Group (AfDB) has announced the appointment of Dr. Beth Dunford as its Vice President, Agriculture, Human and Social Development. The appointment becomes effective from July 1, 2021.

A statement explained that Dunford, a national of the United States of America, brings extensive experience to this role. She has held senior-level leadership positions in the US government, where she managed large and complex programs, working with the private sector, civil society, and multilateral and bilateral institutions, as well as with African governments, to deliver agricultural, social and human development impact at scale.

Prior to her appointment, Dunford worked as the Assistant to the Administrator in the U.S. Agency for International Development’s (USAID’s) Bureau for Resilience and Food Security, as well as the Deputy Coordinator for Development for Feed the Future, the U.S. government’s global hunger and food security initiative.

“In this dual role, she coordinated Feed the Future across multiple U.S. government agencies, oversaw a $1 billion annual budget and leveraged millions of direct private sector investment annually. In this capacity, she also coordinated a $2.3 billion Feed the Future presidential initiative across 11 US government agencies and forged partnerships within the private sector and civil society targeted at reducing hunger and poverty.

“She also led USAID’s technical and regional expertise focused on improving agriculture-led growth, resilience, nutrition and water security, sanitation and hygiene,” the statement added.

President of the African Development Bank, Dr. Akinwumi Adesina said he was delighted to appoint Dunford as Vice President to lead the Bank’s work on Agriculture, Human and Social Development.

“Beth is a strategic and effective leader with deep knowledge and impressive track record in designing and delivering highly impactful large-scale programs that have helped in lifting 27 million people out of poverty in 36 countries,” he added.

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